The Central Bank of Nigeria (CBN) has said it will redesign the 200 naira, 500 naira, and 1,000 naira notes. 

CBN Governor, Godwin Emefiele, revealed this during a special press briefing in Abuja. The new design and issues will be effective from December 15, 2022.

According to the CBN boss, the action was taken in order to take control of the currency in circulation.

The apex bank, Emefiele stated, has secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.

Once the new notes are designed Nigerians are expected to take old notes to banks for the new notes.

The CBN Governor is also concerned about how Nigerian currency is being stored currently.

Emefiele said the bulk of the nation’s currency notes was outside bank vaults and the CBN would not allow the situation to continue.

According to him, the initiative by the CBN will help address some of the nation’s security threats, especially kidnapping and terrorism.

He believes that terrorists and kidnappers capitalize on the large excess of money to carry out their nefarious activities.